The U.S. oil and gas corporation has applied to the Treasury Department to be exempt in a bid to resume its joint venture with the Russia oil giant PAO Rosneft in the Black Sea, the Journal reported, citing people familiar with the matter.
The newspaper said Exxon has been seeking permission to work with Rosneft in areas banned by U.S. sanctions. The State Department is one of the agencies that have a say on the waiver, the Journal said.
The news came as the FBI investigates any possible connections between the Trump campaign and Russia after the 2016 U.S. presidential election.
CNBC has reached out to Exxon and the Treasury Department for comment on the Journal's report.
—CNBC's Jacob Pramuk contributed to this report.